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LABORATORY INFORMATION MANAGEMENT SYSTEMS MARKET – Global Industry Analysis 2024

01-02-2017 03:47 PM CET | Health & Medicine

Press release from: CMI-Reports

LABORATORY INFORMATION MANAGEMENT SYSTEMS MARKET – Global

The Global Laboratory Information Management Systems Market (LIMS) was estimated at US$ 1,209.6 million in 2015 and is projected to reach US$ 2,271.5 million by 2024, according to a new report published by Coherent Market Insights. Increase in automation of processes in healthcare organizations is driving demand for LIMS worldwide.

Healthcare organizations are increasing spending on IT systems due to a shift towards utilization and maintenance of electronic health records (EHR). Usage of analytics techniques and big data is increasing among healthcare providers in order to improve their process outcomes and in turn make effective therapeutic decisions. Increasing trend of automating processes is pushing demand for customized solutions with multi-modality functions.

Get More Information : https://www.coherentmarketinsights.com/insight/request-sample/58

LIMS vendors are targeting different healthcare providers such as diagnostic laboratories, private clinics, blood banks, and other such institutes where use of LIMS is becoming a necessity for providing cost-effective services to their customers.

Developed economies such as the U.S. and Western European countries are witnessing growing demand for technologically-advanced products, which can automate the healthcare process. Patients are becoming tech savvy and are using wearable devices connected with mobile healthcare applications in order to self-monitor their health. This has encouraged healthcare organizations and practitioners to transform their conventional operations by integrating the processes and patient’s critical data.

LIMS is further expected to develop with the formation of a structured regulatory framework for healthcare IT, mainly in developed economies such as the U.S., Canada, and certain Western European nations. This would facilitate exchange of information between the clinicians and patients in a secured manner.

Key takeaways of the market:

Demand for integrated systems is growing, with hospitals and clinical laboratories expanding their footprint by launching franchise chains. The integrated systems segment is projected to witness revenue growth at a CAGR of 7.2% during 2016 – 2024.

To know the latest trends and insights prevalent in this market, click the link below : http://www.coherentmarketinsights.com/market-insight/laboratory-information-management-systems-market-58

Cloud-based systems provide a very cost-effective alternative to conventional systems used by healthcare providers. Market for cloud-based LIMS is expected to reach 339.8 million by 2024. Barriers with respect to security and compliance are gradually coming down leading to a growing demand for cloud-based scalable LIMS systems.

As data analytics and big data are marking its way in the healthcare arena, the LIMS service segment is projected to expand at a CAGR of 8% during the forecast period. Data security and monitoring, customer relationship management, and patient engagement are services witnessing increasing traction from healthcare providers.

Hospitals account for the largest market share of 49% (in terms of revenue) among end user segments in the market in 2015. The hospitals segment is expected to grow rapidly over the forecast period. Increasing patient database, organizational processes, and tests are propelling adoption of LIMS in hospitals.

Developed countries such as the U.S. and various Western European countries are the foremost adopters of this solution in order to reduce analytical work and improve efficiency. Due to this, North America held a lion’s share of 56.4% (in terms of revenue) in 2015 in the global LIMS market. However, increasing number of healthcare facilities and rising expenditure on healthcare IT in emerging economies is anticipated to fuel demand for LIMS in these countries over the following decade.

Market leader such as Cerner Corporation, Merge Healthcare, Inc. (International Business Machines (IBM) Corp.), McKesson Corporation, LabWare, Roper Technologies Inc., and Meditech (Medical Information Technology, Inc.) are focusing on improving services and integrating new technologies in the current LIMS systems in order to enhance the efficiency of the systems, which in turn would help healthcare providers to offer better customer experience to payers.

ABOUT US

COMPANY OVERVIEW

Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having office at global financial capital in the U.S. Our client base includes players from across all business verticals in over 150 countries worldwide. We are uniquely positioned to help businesses around the globe deliver practical and lasting results through various recommendations about operational improvements, technologies, emerging market trends and new working methods. We offer both customized and syndicated market research reports that help our clients create visionary growth plans to provide traction to their business. We meticulously study emerging trends across various industries at both the global and regional levels to identify new opportunities for our clientele. Our global team of over 100 research analysts and freelance consultants provide market intelligence from the very molecular country level and also provide a global perspective of the market. Our team is of the most vital cog in our robust machinery that gives us the ability to deliver independent insight relying on our cognitive defusion training module.This allows for an objective and unbiased assessment of the market. We pride ourselves in my constantly striving to update our extremely in-depth understanding of the market by closely monitoring and analyzing markets, trends, and emerging best practices, across allfathomable industries under the sun. This enables us to equip our valued clientele with key decisive inputs to capitalize on lucrative growth opportunities in the market and to follow firmly position themselves on a high growth path in the future.

CONTACT US

Coherent Market Insights
303, Astral Court, Above Reliance Fresh,
Near Gaikwad Petrol Pump,
Aundh, Pune – 411045, India.
sales@coherentmarketinsights.com

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